Take-Two is acquiring Codemasters for £726 million

Take-Two Interactive to acquire Codemasters

Codemasters, the developer and publisher of Formula 1's official computer game, has received a $973m buy-out offer from leading U.S. game publisher Take-Two Interactive.

This confirms earlier reports that the two were in talks, which emerged earlier this week.

According to Take-Two chairman and CEO Strauss Zelnick, the acquisition will be "highly complementary" in relation to the company's expansive portfolio of sports titles like National Basketball Association 2K, NHL 2K, and WWE 2K. This study, says the manager "is renowned for creating some of the most beloved and commercially successful driving games in the industry".

Take-Two Interactive will buy all the shares of the company, so it will take 100% control of the company. Furthermore, we look forward to welcoming the senior management and development teams of Codemasters into our Tag-to-Family, and to share our vision of providing the highest quality entertainment experiences and to be the most innovative, creative and efficient company in our industry.

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Take-Two Interactive, the parent company of developers such as Rockstar Games and 2K Games, is in talks to purchase veteran United Kingdom publisher Codemasters, responsible for multiple racing series such as DIRT, OnRush, GRID, and the official F1 franchise.

Take-Two, which owns a multitude of publishing labels, holds a portfolio of titles that includes Grand Theft Auto, NBA 2K and BioShock among others.

Last Friday, Take-Two released its financial results for its fiscal year 2021 second quarter, recording a net profit of $99.3M and net revenues of $841M. Should the deal be completed Codemasters will join the likes of 2K, Private Division, and Rockstar Games under Take-Two's ownership. In recommending this offer to shareholders, the Codemasters team believes that it is in the best interests of all shareholders of the company.

Codemasters specialises in racing titles and has the video game rights for the Formula 1 world championship. "Take-Two's offer reflects the great work the management team has done since listing on AIM in 2018 at 200p and delivers an excellent return for shareholders in just two and a half years", he continued. It also enables Codemasters to make the most of Take-Two's resources and success as a world-class entertainment studio.

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